Vanco Energy signs oil exploration agreement with ENI Morocco
Vanco Energy Company’s wholly owned subsidiary, Vanco Morocco, has signed a participation agreement with ENI Morocco to commence drilling of its first deepwater well in its Ras Tafelney exploration permit offshore Morocco.
The drillship is anticipated to be in Moroccan Atlantic waters in late April 2004 where plans call for spudding the well shortly after its arrival.
Under the terms of the agreement, ENI will provide the Saipem 10,000 drillship to drill one of several 3D seismic identified prospects. The Ras Tafelney partnership comprises Vanco Morocco as operator with a 45 percent stake, ENI Morocco with a 30 percent stake and Office National de Recherches et d'Explorations Pétrolières (ONAREP) with a 25 percent stake.
The partnership will drill the Shark B prospect located approximately 130 kilometers off the coast of Morocco, lying in 2,120 meters of water depth. The main objective is the Top Cretaceous and Albian reservoirs while a Lower Tertiary turbidite play at shallower depths is a secondary target. The planned total depth is approximately 4,162 meters.
Vanco Energy Company is a US-based independent oil and gas company engaged in international exploration and operations. Vanco is a deepwater license holder in offshore Africa with over 20 million net acres offshore Morocco, Cote d'Ivoire, Equatorial Guinea, Gabon, Ghana, Madagascar and Namibia. — (menareport.com)
© 2004 Mena Report (www.menareport.com)